By Sheri Kasprzak
New York, Jan. 25 - EuropAsia Education plc said it wrapped a £1 million private placement of convertible loan notes.
The notes bear interest at 10% annually and are convertible into shares at 5p each. The maturity of the notes could not be determined by press time Wednesday.
The investors also received warrants equal to the number of shares issuable upon conversion.
A portion of the proceeds will be used to increase the company's stake in China Education Group.
Based in London, EuropAsia is an education investment group focused on schools in Europe and Asia.
| Issuer: | EuropAsia Education plc
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| Issue: | Convertible loan notes
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| Amount: | £1 million
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | 5p
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| Warrants: | Equal to the number of shares issuable upon conversion
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| Settlement date: | Jan. 25
|
| Stock symbol: | London: EPE
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| Stock price: | 4.63p at close Jan. 25
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